Quote from: slapper on Today at 04:58:04 PM

Quote from: dothebeats on September 25, 2023, 12:03:13 PM

Quote from: Mauser on September 25, 2023, 06:55:03 AM

Quote from: Shortboss on September 09, 2023, 08:50:37 AM

It's the process of making money and reinvest make money and reinvest.
If you made just some lucky 10x profit but you can't keep up your stradegy for the long term then you don't build any wealth.

That is a pretty good point, everybody can get lucky and make a nice profit either in gambling or in trading. As long as this one-time profit is not in the millions, then this won't make us rich and it comes down to what we doing with the money after. Becoming wealthy is not a process that finishes in a few weeks, this takes years and a lot of dedication to make it work. My old boss always said that if you want to achieve financial independence then look at the journey as a marathon, not a sprint. Being lucky helps of course a lot in our efforts to accumulate money, but if we don't have a plan and the tools to secure this money for the future, then we are going to lose it mostly likely again. Reinvesting any future gains is the key to building a successful portfolio that keeps growing over time. We shouldn't be only relying on the short or medium gains in our investments, and instead build a long term investment plan.

You both make good and valid points. Just because an individual was able to get a good sum of money, may it be from luck (like winning the lottery) or through hard work (like business or work), it will take more than just that event to earn actual wealth. Let's make it simple. If an individual was able to their hands on half a million dollars then immediately spent it by buying a house and lot, cars, luxury things, and then gave some away to their family and friends, add in the taxes and what will be left? Soon enough that individual will then only have a good sum to pay for their needs and utility, and will soon face problems regarding payments for the house and cars' maintenance. Instead, if that individual made a plan and spent only what was needed, used a good percentage of that money to start a business or investment, then at least the money will make profit and will continuously give them income, possibly gaining wealth in a few years.

Yes, it's important to emphasise wise spending and investment. I've heard several stories of sudden wealth that vanishes rapidly. One of the biggest issues is ignorance about finances. When people get their hands on a significant money, they often assume it will last them a lifetime. They spend mindlessly. And where does it leave them? Broke, stressed, and in debt

I believe wise, intentional investing is necessary to maintain and grow wealth. Investing in equities or Bitcoin has power. I see it as a way to diversify and possibly create wealth, despite the risks and volatility debate. Again, a plan and knowledge are crucial. Wealth is money management, not just money

And one example of this is into those people who do able to win up some amounts in lottery on which they did really have changed their lives but since they do lack that kind of money management then they did make themselves on being poor again after a few years or even months time at worst and this is something that could really be happening or something did happen on some winners or does have that huge money before.
This is only the time that they would really be considering on making up some studies and realizations that they must be having those kind of financial management but well its already too late.